Affordabillity & Financial Aid Communication

You cannot run and hide from today's interest in college cost and affordability. Making sure your that both your affordability message and your financial aid communication are strong and clear in the eyes of two key audiences—potential students and parents— is key to moving admitted students through the final stage of the recruitment cycle, and getting them to deposit and enroll. Emphasizing timing, frequency, and channel, this presentation offers insights into successful affordability and financial aid communication strategies.

2.
Two Opening Questions…
• Old style “financial
aid” speak is dead.
• Why is talking about
price
• and cost
• and affordability
• and debt…
• About as popular
has getting a root
canal?
• Is this marketing
smart?
Bob Johnson Consulting, LLC 2

3.
COST AND
AFFORDABILITY…
You can’t beat “sticker price” fear.
What is “affordable” to one family is
not “affordable” to another.
“Fill out the FAFSA” is not an answer.
Bob Johnson Consulting, LLC 3

19.
Channel mix…
• Website content at the start as students begin to
explore choices.
• After an inquiry, use the channel preferred by the
student if known.
• Text, phone, email, letter.
• If preferred channel not known, default to email.
• For a financial aid award:
• Letter for the award.
• Selected prospects: phone call after the award letter.
Bob Johnson Consulting, LLC 19

20.
Timing and frequency (1)…
• Start at first contact using top task rationale
• After an online inquiry or other inquiry source…
• Two or three times during a 3 to 6 month inquiry cycle is
not too often… assuming weekly email contact.
• Include link to Net Price Calculator or similar estimator.
• During a campus visit
• After an application or admission
• After receiving an application
• For April 1 admissions
• After an admissions decision
• For rolling admissions
Bob Johnson Consulting, LLC 20

21.
Timing and frequency (2)…
• At and after FAFSA filing time
• After receipt of SAR (if new to the database):
• Contact within one week
• After a financial aid award letter is sent:
• Contact within one week
• If you cannot contact everyone:
• Contact by your recruitment priority:
• Desired major
• Enrollment probability
• Ability to pay
• Out-of-state students
Bob Johnson Consulting, LLC 21

50.
The devil is in the detail…
• Net Price Calculator defined:
• “A tool to estimate financial aid eligibility at Williams
based on family finances. The Net Price Calculator is
the best source of early financial aid information for
college planning. If you have a complicated financial
situation and are unsure how to answer certain
questions on the Net Price Calculator, please feel free
to give us a call.”
• Make this work better with…
• Link to the NPC.
• And a phone number to call… right here!
Bob Johnson Consulting, LLC 50